Good morning, Investors! Hope you are having a great day investing! I have a lot out in Gallatin under contract to assign. Beautiful lot that faces the creek! Seller is one I've worked with before and he is contractor himself. Below is a description of the lot that he sent to me. Attached are pics of the lot as well as FEMA maps. There haven't been any new builds in there area recently, however, several renovated homes have sold in the last six months.(Comps attached). Let me know if you are interested. Price is $11,500.
Address is 0 Red River road Gallatin TN 37066. Parcel ID 113P A 009.05
Southwest corner of Red River road and Walnut. Lot is very pretty. It sits next to the bridge, with year round creek running through the back of it. Property line runs to midpoint of creek. Water and sewer available at the road. No water meter has been set yet. Lot is buildable, but has some FEMA restrictions and guidelines. Living areas have to be at above a certain level. Basement/ crawlspace areas could likely be used for storage only. Basically, back half of lot ( by the creek) is in the recently revised FEMA buffer zone, and is good for only certain kinds of structures, arbors, firepits, play and recreation equipment, etc. Front half of lot is where house would have to be. Could be farther back, but basement would have to be taller.I have copies of FEMA maps showing elevations and buildable area. Also Platt maps, and original deed restrictions. I researched the property thoroughly, as I was planning to build in it myself. I am selling because I am moving to Chattanooga. Also, there is another lot for sale on the same street only a block away, MLS number 1908061, that is currently listed at $47,500. That's right, $47,500. My lot will require a little extra foundation work, but is a much prettier lot with the creek running through it, and is a steal at this price. Only special building requirements will be for basement/crawlspace, per fema. (i.e. storage only, no mechanicals, addition vents required). Living areas will be above base elevation, and will not be affected. Also think flood insurance not required in buffer zone.
Attached pic showed property highlighted on FEMA map.
Back part of lot (backyard) is restricted. No habitable structures. No garage, no permanent storage. Parking is okay, as is play equipment, backyard furniture, etc.
Great lot for some one who wants to fish in their backyard, or just wants to have lunch overlooking their own creek."
